Most Popular
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Slew of top K-pop stars ready to return from military
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S. Korea, US clinch 2026-30 defense cost-sharing deal in pre-election push
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Military aircraft evacuating S. Koreans in Lebanon returns home
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Concerns raised over chronic labor shortage at state-run center for digital sex crime victims
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BTS-themed moon jar to be unveiled on Hangeul Day
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Samsung unveils 'personalized AI' for all devices
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Market uncertain on Korea's October rate cut despite slowed inflation
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1,430 minors investigated for drug offenses from 2018 to 2023: police
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Special counsel bill to probe first lady scrapped
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Coldplay to celebrate release ‘Moon Music’ with Han River drone show
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[Super Rich] Ups and downs of E-Land chief Park Sung-su
In Korea, there are less than 10 self-made men with personal assets of more than 1 trillion won ($841 billion). Among the 125 people who have made it on to the Superrich Team’s “Korea’s Richest 100” at least once in 2016, there are eight.And there is a man who is fast catching up to join the club. Park Sung-su, is the founder and chairman of the E-land Group. Currently, his assets are around 990 billion won and getting closer to 1 trillion won. He has been placed 30th on the Korea’s Richest 100
Jan. 5, 2017
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[Super Rich] Breakdown of real owners of nation’s priciest buildings
Recently, the Ministry of Land, Infrastructure and Transport disclosed the rank of domestic commercial business real estate with the highest real transaction prices. The data was based on the real transaction prices of the commercial business real estate dealings that were reported since the introduction of the Real Estate Transaction Declaration system in January 2006.From this data, the owners of the buildings with the highest price were examined. It was rarely the case that a single individua
Jan. 5, 2017
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[CES 2017] Hyundai Motor confident about self-driving, green cars
With the future of automotive technology being highlighted again at the annual Consumer Electronics Show in Las Vegas, Hyundai Motor on Wednesday expressed confidence in mass producing self-driving, green and connected vehicles. More than 14 models will be launched by 2020, including five hybrid models, four plug in hybrids, four electric cars and one fuel cell electric vehicle, as well as self-driving technologies being developed at an affordable price. Hyundai Motor Vice Chairman Chung Eui-sun
Jan. 5, 2017
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President Park’s ‘aesthetic injections’ grow in popularity in Korea
South Korean pharmaceutical companies are looking to cash in on the growing popularity of “aesthetic injections” triggered by revelations that they were regularly used by President Park Geun-hye who is currently facing her impeachment trial.According to the Ministry of Food and Drug Safety, a total of eight “nutrient injections” were granted sales approval over the course of three days from Monday to Wednesday. This makes up around 44 percent of the 18 pharmaceutical products approved by the min
Jan. 5, 2017
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LG Chem chief renews pledge to boost biopharma business
South Korea’s leading chemicals maker LG Chem is out to boost its newly merged pharmaceutical unit LG Life Sciences, with aims to drive up its competitiveness in the global red biotechnology, or medical biotech, sector.LG Chem Vice Chairman and CEO Park Jin-soo visited LG Life Sciences’ production plant in Iksan, North Jeolla Province on Thursday, marking his first official on-site visit for 2017.The plant produces LG Life Sciences’ flagship pharmaceutical products including “Factive,” a next-ge
Jan. 5, 2017
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[Newsmaker] Lotte reopens duty free at World Tower
On Thursday morning, the duty-free floors of Lotte World Mall were bustling with Chinese tourists dragging travel luggage as they stood in long lines in the cosmetics section. Shoppers handed store attendants cell phones with pictures of specific products they wanted to buy. Periodically, announcements in Mandarin rang out from the store speakers. Lotte’s duty-free operator reopened its World Tower outlet Thursday after receiving a final operating license from the Korean customs regulator. The s
Jan. 5, 2017
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Hanwha chairman's son accused of assaulting bar employees
The third son of Hanwha Group Chairman Kim Seung-youn is under investigation without detention for allegedly assaulting two bar employees on Thursday, police said.Kim Dong-seon, 27, was arrested by police at the bar in southern Seoul at around 4:10 a.m., after beating the workers, whose identities were withheld, according to Gangnam Police Station. (Yonhap)The younger Kim, who is a member of the group's equestrian team and an official at Hanwha Engineering & Construction Corp., is also suspecte
Jan. 5, 2017
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Rating downgrades for major shipyards in the offing
South Korea's major shipyards may see their credit ratings downgraded in the coming months due to falling new orders and worsening financial status, industry sources said Thursday.According to the sources, the combined annual new orders clinched by the country's big three shipbuilders -- Hyundai Heavy Industries Co., Daewoo Shipbuilding & Marine Engineering Co. and Samsung Heavy Industries Co. -- stood at $9.1 billion in the first 11 months of last year, sharply down from $24.3 billion in 2015,
Jan. 5, 2017
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Prices of computer memory chips expected to jump 30% in Q1
The prices of computer memory chips are expected to jump about 30 percent in the first quarter of the year, according to industry data on Thursday, providing a boon to South Korean chipmakers, such as Samsung Electronics Co. and SK hynix Inc. According to market tracker DRAMeXchange and industry sources, the contract price of the benchmark 4-gigabit DDR3 recently surpassed 25, up 39 percent from an average contract price in November last year.DRAMeXchange expected an average contract price of DR
Jan. 5, 2017
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Korea's import car sales dip 7.6% in 2016
Sales of imported vehicles dropped significantly from a year earlier in 2015, largely due to a sales ban on Audi and Volkswagen cars following an emissions scandal, data showed Thursday.In 2016, the number of newly registered foreign cars came to 225,279, down 7.6 percent from 243,900 the previous year, according to the data from the Korea Automobile Importers and Distributors Association.This file photo, taken on Aug. 2, 2016, shows dozens of Audi and Volkswagen cars sitting idly at a pre-deliv
Jan. 5, 2017
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Retailers to raise prices of alcoholic beverages
South Korea's discount chains and convenience stores said Thursday they will raise prices of beer and soju, a popular Korean distilled beverage, beginning next week.CU, a major South Korean convenience store chain, is set to raise prices of two brands of 360 milliliter soju bottles -- Hite Jinro's Chamisul and Lotte Chilsung Beverage's Chum-Churum -- to 1,700 won ($1.4) from 1,600 won.The convenience store also plans to raise prices of Oriental Brewery's Cass and its rival Hite Jinro's Hite to 1
Jan. 5, 2017
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Conglomerates' entry erodes bed vacuum industry
Local small enterprises that successfully developed and marketed the world's first anti-bacterial bed vacuum are being nudged out by big name conglomerates, in what industry watchers say spells out doom for the market now saturated by competition.Sales records from online shopping mall GMarket on Thursday showed a 7-percent increase in sales of bed vacuums last year from the previous year. At another online mall, Auction, the increase was an even bigger 39 percent. The figures look promising for
Jan. 5, 2017
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SsangYong releases family friendly SUV
SsangYong Motor, the fourth-largest South Korean automaker, Wednesday launched a family friendly sports utility vehicle lineup, dubbed the New Style Korando C. “The new model can be described as ‘My first family SUV,’ made for families with newborns or for families with an active lifestyle,” said Maing Jin-soo from SsangYong’s marketing department during a media photo event in Gangnam, central Seoul. SsangYong Motor’s latest model, the New Style Korando C (SsangYong Motor)“The fifth generation m
Jan. 4, 2017
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Samsung SDS’ Chang Hwa-jin named new chief of IBM Korea
IBM said on Wednesday that it has appointed Chang Hwa-jin from Samsung SDS as the general manager of IBM Korea, and appointed the current chief Jeffrey Rhoda, to the chief position in China.Chang was the business leader of Analytical Internet of Things team and Smart Town team at Samsung SDS. New IBM Korea chief Chang Hwa-jin (Yonhap)Randy Walker, president of IBM Asia and Pacific, said, “Korea is a leading country in the field of artificial intelligence and IoT” and that the reason behind the a
Jan. 4, 2017
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Shilla CEO’s husband leaves Samsung
Lim Woo-jae, the husband of Samsung Group chairman’s daughter who is currently in a divorce trial, appears to have been fired, with Samsung Electro-Mechanics, an affiliate under Samsung Electronics, terminating his contract as an adviser to the company.According to Samsung officials, Lim was notified by the company last month that his one-year contract had been terminated. With the end of the contract, he has become a part-time adviser, widely seen as the final step for a Samsung executive befor
Jan. 4, 2017
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Shin Dong-bin participates in Lotte World Tower evacuation training
Lotte Group Chairman Shin Dong-bin recently participated in a joint evacuation training session at Lotte World Tower in southern Seoul, making his first public appearance of the year.The evacuation drills were conducted jointly by Lotte Corp., the Seoul Metropolitan Government and the Songpa-gu District Office, starting from 3 a.m. with the participation of 3,000 volunteers. They underwent a simulation of a fire breaking out on the 107th floor of the 123-floor building. The drills involved 23 ag
Jan. 4, 2017
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'Over 60 percent of stock riches in Korea are heirs’
More than 60 percent of the top stock rich in Korea made their fortunes through inheritance, drawing a stark contrast against those in the US, China and Japan, analysis showed Wednesday.According to a report by CEO Score, a local corporate tracker, 25 of 40 Koreans, or 62.5 percent, amassed wealth through inheritance -- much more than those in Japan and the US, where 10 and 12 people, respectively, become rich through the transfer of wealth. China had only one beneficiary of inheritance. Little
Jan. 4, 2017
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LF breaks into liquor industry
Fashion company LF said Wednesday that it is entering the liquor industry through an investment deal with alcohol distributor Indulge.Although LF declined to comment on its investment stake in Indulge citing contract confidentiality agreements, there are reports estimating that LF‘s stake is now more than 50 percent of the company.(LF)Indulge is the sole distributor of the sparkling wine brand Bernini, tequila brand Patron, and beer brand Brew Dog. According to LF, Indulge also plans to open a b
Jan. 4, 2017
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Japan to surpass Korea in shipbuilding
South Korea’s shipyards are poised to be overtaken by Japanese competitors in order backlogs for the first time in 17 years, preliminary data from a global shipping information firm showed on Wednesday. According to tentative data from UK-based Clarkson Research Service, South Korea’s backlogged orders stood at 19.91 million compensated gross tonnages, a measurement to gauge the amount of work that goes in the construction of a vessel, as of the end of December 2016. It compares with Japan’s pro
Jan. 4, 2017
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Shinsegae Food begins franchise business
Food manufacturer and restaurant operator Shinsegae Food said Wednesday that it has begun franchise operations, starting with its first franchise stores for burger chain Johnny Rocket and ice cream chain O’slo.The two stores are the first franchise stores operated under brands launched in Korea by Shinsegae Food. Shinsegae currently also owns the franchise chain Smoothie King, which already had stores nationwide before the company acquired it in 2015. O’slo’s first franchise store in Paju, Gyeon
Jan. 4, 2017